Europe's recession has caused auto deliveries to plunge from 18 million in 2007 in Ford's key 19 markets to around 13 million expected this year. Odell said today at the Geneva Motor Show that Ford sees signs of recovery in recent surveys of purchasing managers and supplier order books.

Odell says Ford Europe was sticking to its target to break even in 2015. Ford will have a lineup with 40% new products this year, and it will cut production capacity by a steep 18%, or 355,000 units, by the end of 2014.